Needham & Company LLC Boosts Backblaze (NASDAQ:BLZE) Price Target to $8.50

Key Points

• Needham & Company LLC has raised its price target for Backblaze (NASDAQ: BLZE) from $7.00 to $8.50, indicating a potential upside of approximately 31.17% from the current stock price.
• The stock has received multiple positive ratings, with a current consensus of "Buy" from analysts and a target price averaging $9.94.
• Backblaze reported a quarterly loss of ($0.12) earnings per share, which missed analysts' estimates, contributing to a negative net margin of 35.38%.

Backblaze (NASDAQ:BLZE - Get Free Report) had its price objective lifted by analysts at Needham & Company LLC from $7.00 to $8.50 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 31.17% from the stock's current price.

BLZE has been the topic of several other research reports. Citizens Jmp began coverage on Backblaze in a report on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 price objective on the stock. JMP Securities initiated coverage on Backblaze in a report on Tuesday, June 24th. They issued a "market outperform" rating and a $7.00 target price on the stock. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $9.94.

Backblaze Stock Performance

Shares of BLZE traded up $1.13 during trading hours on Thursday, reaching $6.48. 1,307,105 shares of the company's stock traded hands, compared to its average volume of 432,666. The firm has a market capitalization of $355.75 million, a price-to-earnings ratio of -6.37 and a beta of 1.13. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 1.09. The business's fifty day simple moving average is $5.37 and its two-hundred day simple moving average is $5.50. Backblaze has a twelve month low of $3.94 and a twelve month high of $8.08.

Backblaze (NASDAQ:BLZE - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). Backblaze had a negative return on equity of 68.91% and a negative net margin of 35.38%. Analysts predict that Backblaze will post -1.02 earnings per share for the current year.

Hedge Funds Weigh In On Backblaze

A number of hedge funds have recently bought and sold shares of BLZE. Price T Rowe Associates Inc. MD boosted its holdings in Backblaze by 15.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock valued at $89,000 after purchasing an additional 1,992 shares during the period. Corebridge Financial Inc. increased its holdings in shares of Backblaze by 13.4% during the first quarter. Corebridge Financial Inc. now owns 22,508 shares of the company's stock valued at $109,000 after acquiring an additional 2,665 shares in the last quarter. CWM LLC increased its holdings in shares of Backblaze by 81.1% in the 2nd quarter. CWM LLC now owns 8,957 shares of the company's stock worth $49,000 after purchasing an additional 4,012 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Backblaze by 17.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company's stock valued at $131,000 after purchasing an additional 4,060 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Backblaze by 5.3% during the 1st quarter. Bank of New York Mellon Corp now owns 88,945 shares of the company's stock valued at $430,000 after purchasing an additional 4,505 shares during the period. 54.03% of the stock is owned by hedge funds and other institutional investors.

Backblaze Company Profile

Backblaze, Inc, a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases.

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